7/24/2024

Corn and soybeans finished in opposite directions on Wednesday.  Corn had worked its way to as much as 7 higher and soybeans topped out at 5 higher around the midday point.  We began sliding away from those highs and it was obvious some hedge pressure was beginning to weigh on the market some.  Corn held on to close 1 higher but soybeans melted away further without much of a fight, finishing 11 lower on the day.  The past two sessions we have closed a fair amount off the highs but have managed some small gains in corn.  This price action can indicate there are several taking advantage of this week's bounce to do some marketing.  We haven't held onto the highs this week but corn has rallied as much as 21 cents and soybeans as much as 45 cents.  The only thing fresh for the market today was just the weekly ethanol grind numbers.  Production dipped 11,000 barrels/day from the previous week, down to 1.095 mln bpd.  Stocks increased 500k barrels to 23.7 mln bbls.